业绩承诺能有效保护中小股东利益吗？——以智慧海派为例

Can Performance Commitment Effectively Protect the Interests of Minority Shareholders?—Take the Hipad intelligent as an Example

摘要: 近年来，业绩承诺在并购案中频频出现，本文通过对*ST航天通信并购智慧海派进行案例分析，讨论业绩承诺对中小股东的影响并且对其原因进行探究。研究发现业绩承诺存在“高估值、低达标”的特征，存在通过财务造假和股权质押规避补偿的现象，我国相关法律不完善和失诺成本低导致上市公司中小股东权益极易受到侵害。并基于强化监管、优化业绩补偿制度及提高履约水平等方面提出了相关建议，给予监管部门、并购双方和中介机构一些参考。

Abstract: In recent years, performance commitment frequently appears in mergers and acquisitions. This paper discusses the impact of performance commitment on small and medium shareholders and explores the reasons by analyzing the case of *ST Aerospace Communications M&A Hipad intelligent. It is found that the performance commitment is characterized by “high valuation and low standard”, and there is a phenomenon of avoiding compensation through financial fraud and equity pledge. The imperfect laws and low cost of default in China lead to the infringement of minority shareholders’ rights and interests of listed companies. Based on strengthening supervision, optimizing performance compensation system and improving the performance level, this paper puts forward some relevant suggestions, and gives some reference to regulatory authorities, mergers and acquisitions parties and intermediaries.